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Will the recent Zurich Mondelez settlement make things harder for insurers and the insured? While insurers may not be off the hook for Not Petya payments, there will be a continued realignment of policy exclusions and reduced coverage. As an example Lloyds of London has advised insurers to excluded nation state cyber attacks. It is difficult to define the grey area between nation state and proxy attacks. Attacks that are hard to defend against for most companies.
In my view we are heading towards a ‘cliff edge’ for companies that have relied on cyber insurance as a risk transfer tool. Rather than look ‘left’ of an incident and put in place the risk management practices to reduce the impact of cyber attacks. Risks that governments, insurers and organisations need to address.
The recent moves by the U.S and EU cyber regulators will enforce the ownership of cyber risk management by boards. Boards will carry more risk that will reduce the risk transfer of cyber to insurers.
Gerry Kennedy Ted Dziekanowski
#cyberinsurance #cybersecurity #cyberriskmanagement
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